ALLOCATING PAYMENTS AND RECEIPTS
We review the receipts and invoices when we are entering them in to Xero from Receipt Bank, if the receipt is marked as paid we record this part of the transaction too. If we can see that a direct debit is set up on this purchase invoice we pre-set the payment date.
While we are recording the outward transactions we are also marking in the receipts from your customers, having the visibility of these from the direct feeds (see Reconciliations) makes matching quick and you can see when you are being paid.
TIME IS MONEY. DO NOT WASTE IT.
If you’re reading this and think ‘I know exactly what I am doing!’ Good job! Amazing! But consider this, do you have time? Should your time be spent doing these tasks? Or should your time be spent analyzing these numbers, growing the business and making decisions? We know that it is a very difficult job in itself to hand over the bookkeeping to someone else, so we don’t ask that you hand this over, we ask to work with you. We know that each business is different, each business has its own journey and we want to go with you.